Is the declarant required to provide information disclosures to resale buyers in a new condominium?

In the context of condominium transactions in Georgia, the correct response indicates that the declarant is not required to provide information disclosures to resale buyers but is only obligated to do so for the first purchaser. This aligns with the statutory requirements under the Georgia Condominium Act, which outlines the obligations of the declarant at the time of the initial sale.

The rationale behind this is that the initial purchaser, as the first buyer of a unit in the new condominium, requires comprehensive disclosure to make an informed decision. These disclosures typically include association bylaws, rules and regulations, and financial information, which enable the first buyer to understand the governing structure and potential costs associated with living in the community.

On the other hand, subsequent buyers in a resale context do not receive the same level of obligation for disclosures from the declarant because they have the opportunity to access information from the current owners or through public records. The resale buyer’s decision-making is supported by different mechanisms, such as home inspections or existing sellers providing disclosures.

This understanding of disclosure obligations provides clarity on how associations and declarants interact with the buyers, reinforcing the importance of initial disclosures while delineating the process for resale transactions.